Investing.com – Bitcoin rallied to a three-week high to move past $ 4,000 over the weekend and investors remained bullish as the week opened in Asia. Other large cryptographic curves are also traded in the green.
On Monday morning, 0.81% added $ 4.019.6 at 11:05 ET (03:05 AMGMT). After hovering under $ 4,000 since February 24, the digital coin was won on Saturday with a trading volume of over $ 11 billion for the first time in months.
rose 1.43% to $ 140.86, rose 0.29% to $ 0.3178 and rose 1.53% to $ 61.687 Monday morning.
The bullish position sent the crypto market cap higher to $ 140.9 billion.
Price-stable crypto curves were in the limelight at the weekend. Senior Securities and Exchange Commission Digital Advisor (SEC) Valerie Szczepanik said stable "can raise issues under securities law". Stablecoins are crypto curves specially designed to minimize price volatility.
In Szczepanik's words, the digital token is considered a security when buyers expect others to hold or guarantee a profit or keep the price at a certain level.
Stablecoins have stable values, with market prices associated with another stable asset being US dollars to counteract high valuation volatility. Examples are the US dollar-backed Tether and TrueUSD.
"I have seen stabilcoins that aim to control the price through some kind of pricing mechanism, whether tied to issuing, creating or redeeming another type of digital asset tied to it, or whether it is managed through supply and demand somehow keeping the price within a certain band, "said Szczepanik on Friday.
Meanwhile, the cryptic space in Asia spread that Chinese insurance giant Ping An collaborates with Ethereum-based decentralized artificial intelligence (AI) startup SingularityNET.
The two companies will work on optical character recognition, computer vision and modeling. The news received some attention, as Ping An is said to be the world's most valuable insurance company.
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